Business Success |Business Plan | 3 Functions of Writing a Business Plan By Dr. MN Khokhar
This video explains why there is a need to write a business plan. How Business plan help visualize your success, protect your investment save your business from failure. By Dr. MN Khokhar
What is a Business plan?
A business plan is a written narrative /story of the business idea the entrepreneurs is about to start. The owner of the business writes the business plan about its business idea. What problems business is going to solve? And how it will actually fill the market gap, serve its customers, create value for its customers and make itself profit .
Business plan provides information about company’s vision, mission, operational plans, business strategy, marketing strategy and potential customers.
Why there is a need to write a business plan.
Main functions of Writing a Business plan.
1. It Helps the new entreprenuers to express their ideas on paper. once they write their business ideas, they can visualize the success of their business idea. It will eventually help them to achieve success in their business.
2. Business Plan is a written document that will give direction to the new firm / Startup. It will direct for its future course of action. It is a Manuel for the company. it will be a road map for company success and future action. It is a business Strategy of the company. Business plan guides for owner, investors employees and vendors.
3. Business plans serve as document to attract potential investors, partners, and vendors. It provides company complete future financial projection. It helps the investors to see the company and the business idea has potential to grow in future.
4. It is a test of business idea against the harsh realities of market. Business is like a litmus test for the business idea. It will also provide information about market dynamics, industry analysis, and industry trends. It will protect the entrepreneurs from potential loss and save its investment Business plan helps to see things in thorough details.
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The Sole Objective of this YouTube Channel Easy Startup is to give young Entrepreneurs a direction in life to on developing skills that will eventually lead them out of poverty to successful and satisfied life. This Personal skill development will be long term solution for poverty elimination and small business creation. Pakistan is in dire need to people who have technical, vocational skills. A person with skills does not stay poor he is always able to feed himself and his family and with the passage of time the entrepreneur become expert in his skill. Expertise in Skill will enable him to scale up his business.
Dr. Munnawar Naz Khokhar (Dr. MN Khokhar) has completed a doctorate degree in Management Sciences with specialization in Chinese Entrepreneurship. I am Teaching Entrepreneurship for last 16 years. It is the main mission of my life to encourage youth and young students to learn startup Culture and become job creator rather than job seekers. This YouTube Channel Easy Startup is one big initiative in this direction.
